MEMPHIS, Tenn. (News release) -- Sylvamo is beginning an orderly suspension of operations in Russia. The suspension will focus on employee and contractor safety and environmental stewardship. It will be conducted in a manner to allow a resumption of full operations in an environment consistent with the company's values.
"We are suspending operations in Russia," said Jean-Michel Ribiéras, chairman and chief executive officer. "We are appalled by the suffering and loss of lives in Ukraine, and we continue to hope for an immediate cease-fire agreement and diplomatic resolution."
The company is also announcing a $250,000 donation to the International Committee of the Red Cross to assist the people of Ukraine.
Sylvamo will continue to assess various options for its operations in Russia, which could include a sale or exit. The company will continue adhering to imposed legal restrictions and government sanctions. The announcement does not imply that Sylvamo is initiating any bankruptcy or liquidation proceedings in Russia.
On Feb. 11, 2022, Sylvamo provided earnings guidance for the first quarter of 2022. The estimates included in such guidance were current as of the date given and are not being updated or reaffirmed by this news release.
Sylvamo (NYSE: SLVM) is the world's paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 7,500 colleagues. Net sales for 2021 were $3.5 billion. For more information, please visit Sylvamo.com.